Signature Bank Releases Payment Platform On Fireblocks
- Prior to the integration, the payment platform had its capabilities enchanced with the addition of an API.
- Clients of the bank can now use this platform to perform instantaneous payments between one another.
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U.S.-based commercial lender Signature Bank has launched its blockchain-based digital payments platform Signet on the Fireblocks network, the firm said in a press release shared with The Chain Bulletin on 24 June.
According to the announcement, the bank’s clients will now be able to carry out transactions on the Fireblocks Network through the Signet platform, which is expected to improve the speed and security of fiat and cryptocurrency settlements and payments.
Joseph DePaolo, the president and CEO of Signature Bank, said in a statement:
“The integration with Fireblocks will offer enhanced services to our clients. As the digital needs of our clients continue to evolve and the broader adoption of asset tokenization increases, Signet APIs are yet another example of how we continuously strive to help our clients deliver better business performance and improve their operations”.
Introduced in 2019, the Signet platform enables instantaneous payments between Signature Bank clients. The platform is also among the first of its kind to be approved for use by the New York State Department of Financial Services. Prior to the Fireblocks integration, the platform had its capabilities enhanced with the addition of Application Program Interface (API) connectivity, which will allow the bank’s clients and developers to directly integrate their proprietary systems with the Signet platform.
The Fireblocks Network was chosen as it is an enterprise-grade platform that settles digital security transfers between members and exchanges. The network serves digital asset exchanges, custodians, banks, trading desks and hedge funds the same way SWIFT serves the currency markets.
Earlier this year, Fireblocks revealed that its services had been used to secure around $30 billion in transfers of digital assets since its launch. Earlier this month, the company also announced the launch of its open and secure “Digital Asset Transfer Network” for institutions, and later partnered with Chainalysis to use its Know Your Transaction (KYT) system in order to monitor transactions within its platform.
- Coinbase has informed its customers that it will no longer provide support for Signature Bank’s Signet real-time payments network.
- The crypto exchange is now looking for an alternative payments network provider, while waiting for more clarity on the outcome of Signet.
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- 40 branches of Signature Bank will be reopened and operated as Flagstar Bank after it acquires $38.5 billion in non-crypto deposits and $12.9 billion in loans.
- The FDIC confirmed that the $4 billion in Signature Bank crypto deposits will be directly returned to customers who had opened a digital asset banking account.
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.